Don’t despair, Australian mortgage holders – another rate cut is a question of when, not if

The direction of travel is clear, we might just take a bit longer to get there

• Get our breaking news email, free app or daily news podcast

Do not despair, mortgage holders of Australia: we didn't get a rate cut on Tuesday, but they are still coming.

The Reserve Bank board showed it doesn't give a fig about popular opinion and held its cash rate target at 3.85% at its July meeting.

Patrick Commins is Guardian Australia's economics editor